Note 7 - Commitments

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

7.

   Commitments:

The Company leases office facilities in Vancouver, British Columbia, Canada, and The Valley, Anguilla, British West Indies. These office facilities are leased under operating lease agreements. The Canadian operating lease expired on

December

31,

2016,

but unless

30

day notice is given this lease automatically renews on a month to month basis until notice is given. The Anguillan operating lease expired on

April

1,

2011

but unless

3

month's notice is given it automatically renews for a future

3

months until notice is given.

Minimum lease payments under these operating leases are approximately as follows:

2017	$	1,406
2018		-

The Company paid rent expense totaling

$4,662

for the quarter ended

March

31,

2017

(March

31,

2016

-

$5,426).

 

The Company has a management consulting agreement with T.M. Williams (Row), Inc., an Anguilla incorporated company, and Mr. T. M. Williams. During the year ended

December

31,

2014,

the Company amended a previous agreement with Mr. T. M. Williams to provide for a consultancy payment of

2.5%

of the monthly social bingo business with a minimum of

$11,000

and a maximum of

$25,000

per month.

During the year ended

December

31,

2014,

the Company entered into an agreement with Jayska Consulting Ltd. and Mr. J. M. Williams, Chief Executive Officer of the Company for the provision of services of Mr. J. M. Williams as Chief Executive Officer of the Company. The Consulting agreement provides for a consultancy payment of GBP Sterling

5,000

per month. In addition, during the year ended

December

31,

2014,

the Company entered into an agreement with LVA Media Inc. and Mr. J. M. Williams, for the provision of services of Mr. J. M. Williams as Chief Executive Officer of the Company. The Consulting agreement provides for a consultancy payment of

2.5%

of the monthly social bingo business with a minimum of

$7,500

and a maximum of

$25,000

per month.

During the year ended

December

31,

2016,

the Company signed a licensing agreement with Paws, Inc. for the license for Garfield's Bingo expiring on

June

30,

2019

and a licensing agreement with Rooplay Inc. for the license for Rooplay expiring on

September

7,

2021.

These agreements have commitments to pay royalties on the revenue of the products subject to minimum payments.